BUSI
747-[flashcard-TEST-PREP].pdf

Ongoing collection of related activities that create

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ongoing collection of related activities that create a product or a service of value to the organization, its business partners and/or its customers Business process has three fundamental elements: Inputs - materials, services, and info that flow through and are transformed as a result of process activities Resources - people and equipment that perform process activities Outputs - the product or service created by process Cross-Functional Processes No single functional area is responsible for their execution Procurement Process all of the tasks involved in acquiring needed materials externally from a vendor (three functional areas - warehouse, purchasing, accounting) Fulfillment Process Processing customer orders Information Systems plays vital role in 3 areas: Executing the process Capturing & storing process data Monitoring process performance Business Processes is basis for significant measures of competitive performance, some are: Customer satisfaction Cost reduction Cycle and fulfillment time reduction Quality
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4 Types of Ownerships are...r 1. Fee simple absolute 2. Fee simple determinable 3. Fee simple on a condition subsequent 4. Life Estate Fee Simple Absolute The most complete type of ownership possible. The owner of a fee simple absolute may use the land for any legal purpose. Fee Simple Determinable A fee simple ownership which may be lost if the property is used in a certain way which is prohibited in the deed. If that use or event occurs in violation of the deed, the land automatically reverts back to the prior owner. Fee Simple on a Condition Subsequent Similar to a Fee Simple Determinable however the land does not revert automatically to the prior owner upon the occurrence of a prohibited event. The prior owner must take affirmative action to reclaim the property. Life Estate A type of ownership that lasts only for the life of the owner and can not be extended
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  • Fall '18
  • Life estate, Fee simple

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